Goldman Sachs Buying Up Fulton Street
In My Brooklyn Report’s series on urban blight along Fulton Street, Michael Corley notices that Goldman Sachs’ real estate investment arm has taken keen interest in a certain stretch of Fulton Street in Bedford Stuyvesant, buying up at least six neighboring properties in the vicinity of Marcus Garvey Boulevard, including at least one vacant lot….
In My Brooklyn Report‘s series on urban blight along Fulton Street, Michael Corley notices that Goldman Sachs’ real estate investment arm has taken keen interest in a certain stretch of Fulton Street in Bedford Stuyvesant, buying up at least six neighboring properties in the vicinity of Marcus Garvey Boulevard, including at least one vacant lot. In his piece, he raises questions about the possible motives of Goldman Sachs, namely whether the financial behemoth plans to oust locals in favor for higher-paying suburbanite baby-boomers moving back to the city. Mr. Corley’s piece is the second in a three-part series, so we are curious to see if he finds evidence of sketchy political dealings or whether this is, simply, a savvy investment maneuver by Sachs. Update: Looks like this really isn’t such big news. As a commenter points out, we wrote about this a year and a half ago! See the post here. GMAP
Goldman Sachs Finds Opportunity in Bedford Stuyvesant [My Brooklyn Report]
Whose [sic] Responsible for the Urban Blight at 1576 Fulton Street [My Brooklyn Report]
Photo by Jonathan Scheff/Brownstoner
like is said before
This has nothing to do with investing in the area for a profit. This group is part of GS diversity program. They will most likley renovate the buildings and sell it at a loss to “minorities” who are middle or low income. It like habitat for humanity.
Al Vann who? What a waste of oxygen. I’m hoping Gs has good reasons for buying the property (by which I mean, good for the community). Maybe it’s a hopeful sign because I never would have imagined GS being interested in this corner of the world before.
Relax, Miss Muffett. I too agree that one should only buy when they find something they really like. I did and it didn’t really matter what the price was +/- $50-100,000.
OK, DIBS, let’s forget “shoot up”. What about go up at all? Truly, stagnation is probably the best sellers can hope for. Are you seriously thinking there will be price increases in the next year? Again, there is practically universal consensus that prices are likely to go down further in the next year (% matter of debate) – why on earth should I or other bears pull the trigger unless we encounter a motivated seller who wants to get ahead of the market (and of course, with a property we love, needless to say). I find your threats of “embitterment forever” laughable, as if we’re still in the “buy now or be priced out forever” era which is now revealed to have been somewhat of a house of cards.
I guess the “WHAT” is smarter than the members of GS. LOL
What a Loser
im actually a fan of the mayor of newark nj, Corey Booker, but i think he is too idealistic for that city and cant get around the other politians.
*rob*
quote:
Bad democratic mayors that never get tough on crime.
THANK YOU! that is SO spot on. they grease the pockets of everyone in power at the expense of all the citizens. it’s SICK
*rob*
Well, I agree with DH in hoping they don’t just sit on the properties waiting for the demographic to change. Yeah, it’s a really canny and smart investment that few would or could pull off now, but that doesn’t mean diddly to the community, which is in desperate need of some judicious commercial urban renewal. Unfortunately, it also feeds into the idea that many in the community have that “the white folks are taking Bed Stuy away from us”, a future I don’t think is possible unless we let that happen.
It falls to the community at large, and that’s old, new, black, white, yuppie, retired postal worker and teachers to make sure that our political representatives, specifically our City Councilpeople and state reps, are representing US, not themselves or their backers. It also falls on us to stay current on what’s going on, and get involved in policy decisions. I think it’s time everyone, no matter what neighborhood you’re in wakes up to the fact that we can’t just sit back and trust that people are going to do what’s right for us, sometimes we need to involve ourselves in the process, and make sure they do. First thing we need to do is change our city councilman. He’s been there too long, and has not represented anyone except himself and his cronies for a looong time. The author of this piece asks where Al Vann has been in this whole process. Good question.
This has nothing to do with investing in the area for a profit. This group is part of GS diversity program. They will most likley renovate the buildings and sell it at a loss to “minorities” who are middle or low income. It like habitat for humanity.